SHANGHAI, Jun. 23 (SMM) – Helped by a surge in LME copper prices, the most active SHFE copper contract started last Friday’s night session at RMB 48,690/mt, and then rose to a high of RMB 49,360/mt. Prices for the contract dipped to RMB 48,670/mt at one point and closed up RMB 740/mt at RMB 49,200/mt. During the night session, trading volumes for the most active contract spiked to 160,000 lots, and positions gained by 4,848 lots. Meanwhile, trading volumes for the SHFE 1409 copper contract rose sharply to 100,000 lots.
On Monday, SHFE copper prices continued to track LME copper prices up to RMB 49,610/mt during the afternoon trading session, and ended up RMB 1,090/mt, or 2.25%, at RMB 49,550/mt. Trading volumes for the most active contract added by 124,000 lots, and positions expanded by 1,650 lots. The rising momentum in SHFE copper prices is expected to continue in the near term due to positive technical indicators.